Sara Fischer: International Fund for Public Interest Media looks to raise $150M

September 25, 2024

Source: AXIOS

Written by: Sara Fischer

This piece is by WWSG exclusive thought leader, Sara Fischer.

An international fund that supports independent media on Wednesday unveiled an ambitious plan to raise $150 million by mid-2025 to bolster independent media in low and mid-income countries globally over the next three years.

Why it matters: The International Fund for Public Interest Media’s (IFPIM) pitch to leaders in the public and private sectors is that without a vibrant free press, democracy cannot survive.

Of the 40 countries already eligible for funding, 30 will hold elections between 2026 and 2028, the fund notes in its investment thesis.

Catch up quick: IFPIM was launched in 2021 by CNN CEO Mark Thompson and Filipino journalist, Nobel prizewinner and press freedom advocate Maria Ressa.

They co-chair the fund’s board. International development expert Nishant Lalwani serves as CEO.

By the numbers: The fund began deploying grants in 2022 after raising millions.

The U.S. government said it would invest up to $30 million in the fund in 2021. Other countries, such as Taiwan, France and New Zealand, have also contributed.
The group increased its total investment in news publishers last year to over $8 million across 31 portfolio organizations.
In 2024, it plans to deploy more than $20 million in direct grant funding.

Driving the news: As part of its ambitious new campaign, IFPIM says it aims to fund 300 media outlets across 50 low- and middle-income countries in the next three years. It hopes to reach an estimated 280 million people with trustworthy, independent journalism.

The fund’s work mostly targets countries in South America, Africa and parts of Asia. “We are focused on countries where locally driven efforts to build inclusive democratic societies hinge on the continued existence of a robust independent media sector,” Thompson said in a statement.
The grant support will help organizations test new revenue streams and to develop sustainable business models long-term.
Grant sizes will mostly fall between $75,000 and $1 million per organization. Most grants will be awarded for two to three years.

Between the lines: The fund estimates that the capital it plans to allocate to news organizations between 2026 and 2028, after it concludes its next round of funding, will help unlock $300 million in co-investments from grantees and partners.

For every dollar raised in the next funding round, “donors can expect to leverage two dollars from other sources, thereby achieving significant return on their investment,” the organization said.

The big picture: The gutting of press freedoms is often the first and clearest sign that a democratic country is backsliding.

Yearslong efforts by autocrats to undermine the free press have given cover to leaders in places teetering on the edge of democracy to do the same.

The bottom line: “In a quicksand world constantly erupting in violence, independent journalism is a lifeline. It is the bedrock of democracy and equitable development,” Ressa said in a statement.

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